ICT, banking and finance, manufacturing, etc.

A cloud engineer in the ICT sector, with three to five years of experience, could earn a monthly salary of between S$5,000 and S$7,000, while a relationship manager in banking and finance can expect at between 3,000 and 6,000 Singapore dollars. month.

Singapore’s labor market is expected to see strong demand for workers, according to the report by employment agency Achieve Group, Overview of staff and salaries 2022. This trend will be particularly present in the sectors of information and communication technology (ICT), banking and finance, industry and professional services. Thus, new employment opportunities, more job creations and higher wage growth can be expected throughout the year.

Continue below to find sector-specific market trends, as well as expected salaries in these sectors in Singapore in 2022.

In-depth analysis: information and communication

According to the report, Singapore’s digital economy is expected to grow this year with an increasing number of jobs and training opportunities in the ICT sector. Indeed, businesses across all sectors have “embraced a digital shift during the pandemic,” and they are “likely to accelerate their digital transformation.” On that note, his analysis highlighted that the three roles most in demand by employers are: cloud engineer, full stack developer, and network engineer.

The trio is then followed by:

  • System Engineer;
  • Pre-sales engineer;
  • Responsible for service delivery;
  • Project Manager;
  • Cybersecurity engineer;
  • System Analyst;
  • Data Engineer;
  • Data Scientist;
  • Automation tester;
  • Business Analyst, and
  • Program manager.

Additionally, it was revealed that the average salary offered across all industries for new hires in 2022 is expected to be higher than the candidates’ final salaries. For example, a cloud engineer with three to five years of experience, in today’s market, can expect to earn a salary range of S$5,000 to S$7,000 per month; and with five to eight years of experience, a salary range of S$7,000 to S$11,000. As a full stack developer, one can expect to receive S$6,000-7,500 (three to five years) and S$7,500-10,000 (five to eight years).

In-depth analysis: banking and finance

As Singapore’s economy steadily recovers, the financial sector is seeing “solid and broad-based growth” in banking, insurance, fund management and payment services. On top of that, according to the report, financial institutions are “experiencing unprecedented growth” in digitalization and technology adoption. Thus, financial institutions have increased their staff and the increase in salaries has increased by 40%. That said, the sector faces “an acute shortage” of specialist talent, and “there is a growing rush” for talent, especially in fintech and crypto.

In particular, employers in banking and finance are looking for relationship managers, customer service managers and product managers. Beyond that, employers are also looking for talent to fill five other roles (see below). Thus, Singaporeans can expect employment levels in this sector to “remain strong” in 2022.

The three most in-demand roles are followed by:

  • Compliance Officer;
  • Private banker;
  • Head of Trade Finance;
  • treasury officer, and
  • Credit analyst.

When it comes to compensation packages, a relationship manager can expect to receive S$3,000-6,000 per month, while a relationship manager can expect to receive S$2,500-3,500 per month. month.

lester bank finance salary 2022

In-Depth: Manufacturing

Regarding the manufacturing sector, the report revealed that in 2021, the sector in Singapore grew by 12.8% and was one of the best performing sectors. The electronics and precision engineering clusters, in particular, recorded “robust growth” with global demand for semiconductors and semiconductor equipment.

Analysts expect the sector to “continue to benefit from a positive business outlook” in 2022 as manufacturers look forward to higher production levels. The electronics cluster is considered “the most optimistic”, with strong market demand expected for 5G, cloud services and data centers. To cope with these trends, employers are planning for a larger workforce. Technicians, engineers and managers with specialized skills will be “highly sought after”.

In particular, employers are considering hiring senior/manufacturing engineers, design engineers, and senior/R&D engineers. Other roles include:

  • Supply chain planner;
  • Manufacturing/development engineer;
  • Assistant engineer;
  • Software engineer;
  • senior buyer;
  • Field Service Engineer;
  • Automation engineer, and
  • Process engineer.

Along with the competitive benefits and career progression opportunities this sector possesses, employers rely on compensation packages to attract and retain talent in the aforementioned roles. A senior engineer/manufacturer, for example, might receive S$4,500 to S$8,000 per month. Meanwhile, a design engineer (medical/electrical) might receive S$4,000-7,000; and a senior engineer/R&D should receive between S$4,000 and S$8,500.

lester manufacturing salary 2022

In-Depth Analysis: Professional Services (Built Environment)

Although the pandemic has led to a “significant drop in construction activity”, the report says the built environment sector is “planned for robust growth over the medium term”. His optimism came from the Building & Construction Authority’s forecast for 2022 to 2025, which predicted that construction demand would reach between 25 and 32 billion Singapore dollars a year. In addition, the public sector is also expected to lead with residential construction projects, infrastructure development, institutional projects and civil works, some of which will involve digitalization.

To support this, employers will increasingly need professionals with digital literacy and professionals with the required skills. Also, the compensation package for various positions is expected to increase by 10-15% due to the lack of foreign workers and increasing competitiveness within the industry. That said, it is strongly recommended that those wishing to enter the industry pursue further education, such as gaining accreditation by the Singapore Professional Engineers Board.

According to the report, the three most in-demand roles in the industry are: senior/quantity inspector, senior/site engineer, and site coordinator. Other roles include:

  • Principal Engineer/M&E;
  • Assistant/Contract Manager;
  • Project Chief Assistant ;
  • BIM modeler/BIM coordinator;
  • Site supervisor;
  • Senior Project Manager;
  • Project director;
  • Construction/site manager;
  • Asset manager;
  • Rental Manager, and
  • Building manager.

Regarding the salary package, a senior quantity surveyor (pre/post contract) could receive S$4,500-6,500; a senior/site engineer (building and infrastructure) S$4,500 to S$7,000, and a site coordinator (archi/M&E/C&S) S$4,000 to S$6,000.

lester built environment salary 2022

In-Depth Analysis: Professional Services (Energy, Oil & Gas, and Chemicals)

In 2022, electricity demand is expected to increase as the economy recovers from the pandemic, especially in electricity-intensive sectors such as data centers that have large electricity needs, according to the report. Furthermore, he revealed that the outlook for employment in the energy sector is positive, with companies looking for engineers, managers and technicians with specialist knowledge to support future growth.

In the Oil & Gas and Chemicals sectors, both of which rebounded strongly in 2021, analysts believe 2022 will be a time of transformation. Companies in the first group will need professionals who can optimize resource portfolios, facilitate the transition to renewable energy and meet environmental, social and governance (ESG) requirements, in support of the transition to a low carbon ecosystem. On the other hand, companies in the latter group will be looking for professionals who can balance the trade-offs between strategic options and accelerating digitalization in the company.

As such, professionals with specialist knowledge of advances in decarbonization, emissions reduction and waste monetization will be “highly sought after”.

The three most in-demand roles are: Product Design Engineer, Service Engineer, and Sales Engineer. These are followed by:

  • Business Executive;
  • HSE framework;
  • Pre-sales adviser;
  • Mechanical engineer;
  • Electrical Engineer;
  • Contracts Administrator;
  • senior buyer;
  • product planner;
  • Project Manager;
  • process engineer, and
  • Director of Operations.

lester energy salary 2022

Compare it to the old salary guides on HRO website:

– Singapore salary guide 2021: HR, administration and business support, sales and marketing, etc.
– Singapore HR Salary Guide 2021/22: What HR Managers, C&B Managers, L&D Managers and others can earn monthly

Main picture / 123RF; Body Image / Group Reach

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